Why is NRMA Insurance Is Offering Monthly Payments Cheaper than Annual Payment?

tradiesunited on 24/03/2021 - 21:21
Last edited 25/03/2021 - 10:01 by 1 other user

Hi OzBargainers,

Why is NRMA Insurance offering monthly payments cheaper than annual payment this time around? Is there some drawbacks that I don't notice?

Example -

Pay monthly - $19.98 down to $17.98 each month ($215.76 for 12 months)
Pay annually - $226.00

Thanks.

Related Stores

NRMA Insurance

SF3 on 24/03/2021 - 21:26

Car? Home?

Any example? Just want to double check the maths.
- tradiesunited on 24/03/2021 - 22:06
  
  car
  - SF3 on 24/03/2021 - 22:08
    
    Can you post an example of the monthly vs annual.
    - tradiesunited on 24/03/2021 - 22:09
      
      +1
      
      I edited my forum post to include example^
deme on 24/03/2021 - 21:27

+2

I assume you mean 12monthly < 1annual?

And not 1monthly < 1annual
- tradiesunited on 24/03/2021 - 22:07
  
  nope, pay monthly at a discount rate
Thrawn on 24/03/2021 - 22:17

+1

maybe the monthly premiums are set to go up within the 12 months ?

I had this happen once with health insurance
- tradiesunited on 24/03/2021 - 22:18
  
  -1
  
  so it might end up costing more than the annual payment
- jsb on 24/03/2021 - 23:13
  
  +3
  
  It doesn't happen that way in case of car insurance. You basically contract for a year for a set amount and pay monthly that same amount. No increases mid way. It's best to call nrma to confirm before paying
Baysew on 25/03/2021 - 10:03

Ask NRMA to explain?